Johnson v. Cobleigh
Massachusetts Supreme Judicial Court
Contract, on an account annexed, to recover the surplus proceeds of a sale of real estate made under a power in a mortgage. Writ dated April 24, 1888. At the trial in the Superior Court, without a jury, before Aldrich, J., the following facts appeared in evidence.
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Contract, on an account annexed, to recover the surplus proceeds of a sale of real estate made under a power in a mortgage. Writ dated April 24, 1888. At the trial in the Superior Court, without a jury, before Aldrich, J., the following facts appeared in evidence. The plaintiff gave a mortgage on the real estate in question to the defendant, containing a power of sale in the usual form, on April 26,1886, to secure a note for the sum of $800. The plaintiff was otherwise indebted to the defendant; and the latter, in December, 1887, duly attached the plaintiff’s equity of redemption in the real…
1Opinion of the CourtField, J.
The sale and conveyance of the land under the power of sale contained in the mortgage cut off all the rights in the land which were subject to the mortgage; but these rights attached in equity to the surplus of the proceeds of the sale, after paying the mortgage debt and the expenses of the sale, in the same order of precedence as they had attached to the land itself. At the time of this sale the equity of redemption in the land subject to the mortgage belonged to the defendant, but the plaintiff, within one year after this equity of redemption had been sold on execution to the defendant,…
2Cases cited3 opinions
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